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Consolidated Statement of Operations and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
REVENUES      
Premiums $ 203,676 $ 92,176 $ 28,544
Policy charges and fee income 1,529,757 624,320 544,156
Net investment income 550,235 367,350 393,797
Asset administration fees 202,177 19,138 16,056
Other income 267,208 83,256 83,560
Realized investment gains (losses), net (5,295,406) (62,976) (116,749)
TOTAL REVENUES (2,542,353) 1,123,264 949,364
BENEFITS AND EXPENSES      
Policyholders’ benefits 655,910 298,149 153,074
Interest credited to policyholders’ account balances (114,585) 233,375 187,229
Amortization of deferred policy acquisition costs 342,118 140,562 113,318
General, administrative and other expenses (523,925) 383,043 336,959
TOTAL BENEFITS AND EXPENSES 359,518 1,055,129 790,580
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE (2,901,871) 68,135 158,784
Income tax expense (benefit) (691,439) (130,248) (59,132)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE (2,210,432) 198,383 217,916
Equity in earnings of operating joint venture, net of taxes 702 (1,686) (917)
NET INCOME (LOSS) (2,209,730) 196,697 216,999
Other comprehensive income (loss), before tax:      
Foreign currency translation adjustments (3,891) 599 9,572
Net unrealized investment gains (losses) (247,176) 334,893 381,447
Total (251,067) 335,492 391,019
Less: Income tax expense (benefit) related to other comprehensive income (loss) (52,374) 70,806 81,281
Other comprehensive income (loss), net of tax (198,693) 264,686 309,738
Comprehensive income (loss) $ (2,408,423) $ 461,383 $ 526,737